New Projects, Wind

BP to sell U.S. wind power assets

BP selling US wind assets

BP has said it will sell its wind power assets in the U.S. in an effort to focus on its main oil and gas business, according to a report from Bloomberg. The wind power assets may be as worth as $5.2 billion.

A BP spokesperson told Bloomberg the company plans to sell interests in 16 operating wind farms in nine states with a total capacity of 2,600 MW. The company will also sell projects under development, including 2,000 MW of wind power projects ready to begin construction.

Bloomberg valued the company’s assets at between $3.9 billion to $5.2 billion, but noted the company owns less than 100 percent of some of the projects. The report notes that any sale of the wind assets would be subject to “attractive offers” being received, according to the BP spokesman.

The sale of the U.S. wind power assets are another step in BP’s attempt to recover from an oil spill in the Gulf of Mexico that may cost the company $42 billion, according to Bloomberg. The company has already sold $38 billion in oil fields, pipelines and refineries and has withdrawn from solar power.

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